News Round-Up – sugar daddies, social media and financial literacy

FINANCIAL LITERACY is stronger among young people than their elders across the world, according to a surprising survey. More than half of those aged between 15 and 35, living in “advanced” economies, were deemed financially well-informed by those carrying out Standard & Poor’s global financial literacy survey. This compares to just over 40 per cent for respondents aged over 65. The difference was even starker in emerging economies, where nearly a third of young adults were considered financially literate in contrast to just 17 per cent of the oldest citizens. The respondents answered questions on numeracy, inflation, risk diversification and compound interest.

FINANCIAL EDUCATION is intensifying in Edinburgh thanks to a tie-up between the RedSTART education scheme and a major investment management firm. Kames Capital is hosting a series of workshops featuring content from RedSTART, an offshoot of the investment consultancy Redington, which will see young people from local schools learning about financial and entrepreneurial skills over the next year. The deal has been welcomed by campaigners who say gaps in education coverage are inevitable due to funding cuts from the Scottish government, despite compulsory financial education being a mainstay of their agenda since 2008.

SOCIAL MEDIA is widely used by younger children despite most sites in the field operating age restrictions, a CBBC Newsround poll has found. More than three quarters (78 per cent) of 10 – 12 year olds surveyed by the flagship news programme said they were active on social networks, rising to virtually all – 96 per cent – of 13 – 18 year olds. Separate research from Safer Internet Day (which occurs today) revealed that more than four in five teenagers had witnessed “online hate” such as offensive or threatening language on social media.

STUDENTS TRYING TO PAY THEIR WAY THROUGH UNIVERSITY are apparently resorting to so-called “sugar daddy” arrangements in record numbers. Seeking Arrangement, an app which allows younger women to sell themselves to older, richer men, said it now has more than a quarter of a million registered accounts and has seen a 40 per cent rise in new joiners. The figures may be distorted, however, by users registering multiple accounts.

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